Institution: Contra Costa County Employees’ Retirement Association
Headquarters: Concord, US
AUM: $10.58 billion
Allocation to alternatives: 23.8%
Contra Costa County Employees’ Retirement Association made a $50 million commitment to Trident IX, according to the pension’s October retirement board meeting document.
The fund, managed by Stone Point Capital, is an upper-middle-market fund focused on the financial services sector. According to board documents, it targets control investments in buyouts, growth-oriented recapitalisations and de novo investment opportunities.
The pension previously committed $40 million to the fund’s predecessor, Trident VIII, which held a final close at $7 billion in July 2019, exceeding its $5.75 billion target.
As illustrated below, CCCERA’s recent commitments have primarily been to buyout funds targeting investments in multiple sectors. The pension currently allocates 10.4 percent of its investment portfolio to private equity.
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